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    Jaeson Schmidt • Lake Street Capital Markets, LLC

    Jaeson Schmidt's questions to Kimball Electronics Inc (KE) leadership

    Jaeson Schmidt's questions to Kimball Electronics Inc (KE) leadership • Q4 2025

    Question

    Jaeson Schmidt from Lake Street Capital Markets asked about other pockets of strength within the Medical segment beyond the major customer ramp-up and inquired about the company's long-term growth prioritization between acquiring new customers versus expanding programs with existing ones.

    Answer

    CEO Richard Phillips confirmed that there is incremental growth in Medical beyond the largest customer, stating that most new customer introductions over the last two years have been in that segment. Regarding long-term growth, he described the strategy as "all of the above," including recovery in demand from won programs, aggressively pursuing new business, and expanding relationships with current customers, with the biggest new customer wins expected in the medical space.

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    Jaeson Schmidt's questions to Kimball Electronics Inc (KE) leadership • Q3 2025

    Question

    Jaeson Schmidt asked if any customer orders were pulled forward into the March quarter due to the tariff environment. He also inquired about quoting and booking activity trends in the first month of Q4 and sought clarification on the expected trend for operating expenses, specifically SG&A, for the remainder of the calendar year.

    Answer

    CEO Richard Phillips stated that while the company is aware of the possibility of order pull-forwards ahead of tariffs, they have not received strong indications from customers that this is happening on a large scale. He described the current quoting funnel as "very healthy" with pockets of strength. CFO Jana Croom addressed OpEx, cautioning that the current low SG&A level of 3% of sales is not sustainable in FY '26 as the company will need to make investments to support its return to growth.

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    Jaeson Schmidt's questions to Kimball Electronics Inc (KE) leadership • Q2 2025

    Question

    Jaeson Schmidt from Lake Street Capital Markets asked whether the revised fiscal 2025 guidance was driven by broad-based softness or a specific vertical. He also inquired if bookings activity in the December quarter met expectations and if the current SG&A expense level represents a new sustainable run rate.

    Answer

    Chief Financial Officer Jana Croom responded that the softness is broad-based, though the automotive vertical is holding up relatively well. Chief Executive Officer Ric Phillips confirmed that bookings over the last six months were in line with internal expectations. Jana Croom clarified that the current low SG&A expense is not sustainable long-term and the company's goal remains 3.5% of net sales, acknowledging the need to balance discretionary cuts with inflationary pressures.

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    Jaeson Schmidt's questions to Kimball Electronics Inc (KE) leadership • Q1 2025

    Question

    Jaeson Schmidt from Lake Street Capital Markets asked for visibility on when the elevated inventory in the automotive sector might normalize, the expected gross margin trajectory for fiscal 2025, and whether the first quarter represented the revenue low point for the year.

    Answer

    Chief Executive Officer Ric Phillips responded that there is no clear line of sight for when the auto inventory glut will clear, but the company monitors it closely. Chief Financial Officer Jana Croom added that the Q1 gross margin of 6.3% was disappointing and expects a measured improvement in Q2 followed by more significant improvement in the second half of the fiscal year. She also indicated that with Q2's revenue decline expected to be in line with Q1's, the second quarter would likely be the revenue low point.

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    Jaeson Schmidt's questions to UFP Technologies Inc (UFPT) leadership

    Jaeson Schmidt's questions to UFP Technologies Inc (UFPT) leadership • Q2 2025

    Question

    Jaeson Schmidt of Lake Street Capital Markets asked about customer channel inventory levels, the sequential growth trajectory of the largest robotics customer, and the gross margin outlook for the second half of the year.

    Answer

    CEO R. Jeffrey Bailly indicated that the customer inventory destocking issue appears to be resolved, with channel inventory for AJR products now running low. He clarified that the largest robotics customer saw a slight decline in Q1 followed by a strong increase in Q2, aligning with annual expectations. CFO Ronald Lataille projected that gross margins would face pressure in Q3 due to labor issues but should rebound in Q4, with tariffs not expected to have a material impact.

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    Jaeson Schmidt's questions to UFP Technologies Inc (UFPT) leadership • Q1 2025

    Question

    Jaeson Schmidt from Lake Street Capital Markets asked for clarification on the 2025 growth outlook for the robotic surgery business, inquired about market share dynamics at UFP's largest customer, and questioned if there were any pockets of excess inventory.

    Answer

    CEO Jeff Bailly clarified that modest, low single-digit growth is expected for both the largest customer and the robotic surgery segment as a whole in 2025. He stated UFP holds about two-thirds of the business with its largest customer and views the customer's own capacity development as a positive for supply chain stability. Bailly also confirmed that the company is not seeing excess customer inventory and that previous destocking headwinds appear to be resolved.

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    Jaeson Schmidt's questions to UFP Technologies Inc (UFPT) leadership • Q1 2025

    Question

    Jaeson Schmidt of Lake Street Capital Markets asked for clarification on the modest growth outlook for the robotic surgery business, the company's market share at its largest customer, and whether there were any signs of excess inventory building among customers.

    Answer

    CEO Jeff Bailly clarified that the modest growth outlook for 2025 applies to both the largest customer and the robotic surgery segment as a whole. He stated that UFP holds approximately two-thirds of the business with its largest robotic surgery partner and described the relationship as highly collaborative. Bailly also confirmed that the company is not seeing any pockets of excess inventory and that previous destocking headwinds in other markets appear to have subsided.

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    Jaeson Schmidt's questions to Aviat Networks Inc (AVNW) leadership

    Jaeson Schmidt's questions to Aviat Networks Inc (AVNW) leadership • Q3 2025

    Question

    Jaeson Schmidt of Lake Street Capital Markets inquired about the key factors that could push fiscal year results to the high or low end of guidance, the current state of the U.S. Tier 1 market, and the outlook for gross margins.

    Answer

    CEO Pete Smith stated that Aviat is comfortable with the full-year consensus and noted that potential order pull-ins to avoid tariffs could be a positive swing factor. He also commented that the U.S. Tier 1 capex cycle has likely bottomed, with a potential uptick in microwave demand lagging by a couple of quarters. CFO Michael Connaway added that Q3's strong gross margin was driven by M&A synergies and a favorable software mix, which he does not expect to persist at the same level in Q4, leading to a more conservative margin outlook.

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    Jaeson Schmidt's questions to Aviat Networks Inc (AVNW) leadership • Q2 2025

    Question

    Jaeson Schmidt from Lake Street Capital Markets inquired about the primary drivers behind the strong Q2 outperformance, sought clarity on fiscal 2025 expectations for the U.S. Tier 1 market, and asked about the current gross margins for the Pasolink business and their expected scaling.

    Answer

    CFO Michael Connaway highlighted that strong bookings from the Pasolink and 4RF businesses were key drivers, with the company's book-to-bill ratio at 1.08. CEO Pete Smith noted that a faster recovery in the U.S. Tier 1 market would be an upside to the current guidance. Connaway added that Pasolink's margins improved in Q2 and are expected to see further runway in the second half of the year as the manufacturing transfer completes.

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    Jaeson Schmidt's questions to Aviat Networks Inc (AVNW) leadership • Q1 2025

    Question

    Jaeson Schmidt of Lake Street Capital Markets inquired about the expected trajectory for gross margins following a soft Q1 and sought clarity on the confidence in the significant revenue ramp required to meet the revised full-year guidance.

    Answer

    CFO Michael Connaway explained that Q1 gross margin erosion was driven by an unfavorable mix shift away from the higher-margin Americas business and weaker software sales, both of which are expected to normalize. He projected a "nice step-up" in Q2 margins, with further improvement in the second half of the year. Connaway also noted that the order trajectory is strong, with a book-to-bill over 1 in Q1 and an even stronger start to Q2. CEO Pete Smith added that the company could achieve record bookings in the December quarter.

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    Jaeson Schmidt's questions to Aviat Networks Inc (AVNW) leadership • Q4 2024

    Question

    Jaeson Schmidt asked for the starting backlog figure for fiscal 2025, growth expectations for the newly acquired 4RF business, and the anticipated gross margin trend throughout the upcoming fiscal year.

    Answer

    CEO Pete Smith and CFO Michael Connaway confirmed the year-end backlog was approximately $290 million. Smith stated that the 4RF acquisition would see some growth but an immaterial earnings contribution in fiscal 2025. Connaway explained that while full-year gross margins will be dampened by mix changes, he expects margins to improve sequentially through fiscal 2025 from the Q1 low point.

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    Jaeson Schmidt's questions to NAPCO Security Technologies Inc (NSSC) leadership

    Jaeson Schmidt's questions to NAPCO Security Technologies Inc (NSSC) leadership • Q3 2025

    Question

    Jaeson Schmidt asked for details on recent price increases implemented across the product portfolio in response to tariffs and requested an update on the progress of the relationship and sales rollout with distributor ADI.

    Answer

    President and CFO Kevin Buchel confirmed an 8.5% surcharge was implemented in April to cover tariff costs, which was received fairly by the market, and noted a typical annual price increase is also planned for July. CEO Richard Soloway described the relationship with ADI as progressing well, with good sell-through stats and valuable introductions to large dealers, reiterating the potential for ADI to become a 5% of total revenue customer.

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    Jaeson Schmidt's questions to NAPCO Security Technologies Inc (NSSC) leadership • Q2 2025

    Question

    Jaeson Schmidt from Lake Street Capital Markets inquired about the progress of the ADI distribution relationship and whether to expect normal seasonal patterns for equipment revenue in the upcoming June quarter.

    Answer

    President and CFO Kevin Buchel reported that the ADI relationship is progressing well, introducing NAPCO to new dealers like Securitas, and he expressed hope that ADI could become a 10% of equipment sales customer. Regarding seasonality, Buchel stated that historically, Q4 (the June quarter) is the company's strongest. Despite recent disruptions, he expects that pattern to hold, anticipating Q3 to be a comeback quarter and Q4 to be even stronger.

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    Jaeson Schmidt's questions to NAPCO Security Technologies Inc (NSSC) leadership • Q4 2024

    Question

    Jaeson Schmidt from Lake Street Capital Markets asked for an update on the relationship with the new distributor, ADI, and inquired about the expected timeline for the one remaining distributor to work through its excess inventory.

    Answer

    Kevin Buchel, President, COO & CFO, expressed high satisfaction with the ADI relationship after one year, highlighting that ADI has facilitated introductions to large dealers and could soon become a 10% hardware customer. Regarding the other distributor, he explained it is difficult to predict a precise timeline for inventory reduction as much of their business occurs late in the quarter, but the company is actively working on it.

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    Jaeson Schmidt's questions to Benchmark Electronics Inc (BHE) leadership

    Jaeson Schmidt's questions to Benchmark Electronics Inc (BHE) leadership • Q1 2025

    Question

    Jaeson Schmidt from Lake Street inquired about the sequential trend for bookings in Q1, the primary drivers for the expected second-half rebound in the Medical sector, and the company's tax rate outlook for the rest of the year.

    Answer

    CEO Jeff Benck reported that Q1 bookings were up year-over-year but flattish sequentially, as some larger deals were delayed due to tariff uncertainty. He stated the anticipated Medical rebound is driven by both the normalization of channel inventories and new competitive program wins. CFO Bryan Schumaker indicated the full-year tax rate is expected to be around 24%, dropping slightly in the second half from the Q2 guidance range of 24-26%.

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    Jaeson Schmidt's questions to Benchmark Electronics Inc (BHE) leadership • Q4 2024

    Question

    Jaeson Schmidt asked for specifics on which end markets within the Medical segment are seeing strong bookings. He also questioned whether the segment's weakness was due to market share loss or inventory digestion and inquired about the potential for further gross margin expansion from Q4's record levels.

    Answer

    CEO Jeff Benck identified life sciences, particularly DNA sequencing systems, and medical devices like fluid management and monitoring solutions as areas with strong new bookings. He expressed confidence that the segment's underperformance is due to industry-wide inventory rebalancing, not market share loss, and expects a recovery in the second half of the year. CFO Bryan Schumaker noted that future gross margin depends on mix and operational execution, while Benck added that the company is also focused on leveraging growth to expand operating margins.

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    Jaeson Schmidt's questions to Benchmark Electronics Inc (BHE) leadership • Q3 2024

    Question

    Jaeson Schmidt of Lake Street Capital Markets asked about which market sectors Benchmark is more optimistic about, the rationality of the current pricing environment, and the potential for operating margin upside when demand recovers.

    Answer

    CEO Jeff Benck expressed increased optimism for the Semi-cap sector's recovery and the continued strength in Aerospace & Defense. He confirmed the pricing environment remains rational, with Benchmark differentiating through complex, engineering-led solutions. VP of Finance Arvind Kamal projected a potential 25-50 basis point operating margin improvement from a full semi-cap recovery, while Jeff Benck added that overall revenue growth leverage would provide further upside.

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    Jaeson Schmidt's questions to CPI Card Group Inc (PMTS) leadership

    Jaeson Schmidt's questions to CPI Card Group Inc (PMTS) leadership • Q3 2024

    Question

    Jaeson Schmidt from Lake Street Capital Markets asked if the channel inventory headwinds are fully resolved and inquired about the potential margin impact of the new integrated chip-and-antenna technology.

    Answer

    CFO Jeff Hochstadt clarified that while channel inventory levels are improving, the issue is not completely resolved, but CPI Card Group is winning business in a strong market. CEO John Lowe added that the new 'all-in-one' chip technology is in early stages with long adoption cycles, making it premature to quantify the financial impact, but noted CPI is positioned as an early adopter.

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